Members of the Board of Directors of MINOAN LINES and other company executives of the shipping and technical fields attended the delivery ceremony.

The following executives represented the shipyard: Mr. J.W. Kim (President & C.E.O.), Mr. S.C. Kim (Executive Vice President), Mr. G. H. Lee (Executive Vice President), Mr. C.H. Park (Vice President), Mr. H. T. Kim (Vice President), Mr. Y. R. Joo (Vice President), Mr. D.Y. Yim (Senior Manager, Project Coordinator), Mr. Y.T. Ha (Senior Manager, Project Manager).

All attendees at the delivery ceremony had the opportunity to enjoy the vessel’s well-designed interiors the comfort and the wide range of services that will be available to the passengers of the H/S/F OCEANUS which is a sister vessel of the H/S/F PROMETHEUS.

H/S/F OCEANUS’ technical characteristics are: Length 212 meters, width 25 meters, total capacity 26,995 tones, net capacity 8.099 tones, 2 stabilizers, 4 WARTSILLA engines: 12,600 KW (each) and carrying capacity: 1000 passengers, 580 vehicles or 113 trucks and 104 vehicles. The service speed is 31,5 knots.

Also the vessel is equipped with: Restaurants, Lounges, Bars, Entertainment lounges, Satellite telephone and fax, Casino, Embarkation / Disembarkation System and cabins specially designed for people with special needs.

H/S/F OCEANUS will arrive in Greece at the end of July and on August 5 will be deployed on the PATRAS ·IGOUMENITSA · VENICE sea route. MINOAN LINES, with the deployment of this new vessel, gains a competitive advantage on this route, decreasing the traveling time by 5 hours.

This vessel is the second of the four sister vessels under construction in the SAMSUNG shipyards in South Korea on behalf of MINOAN LINES and is part of the company’s investment plan for the construction of 8 luxurious, high-speed vessels, which is progressing as scheduled.

During the General Meeting was ascertained the continuous and steady course of the Company to its mid-term targets, as well as, to its investment programs and its corporate plans. Most of these plans have been implemented, (e.g. like MARFIN COMM. project, the merger of KAFEESTIATORIA NEON by GRIGORIS MIKROGEVMATA) and others are still in progress such as the REAL ESTATE PROJECT at Kifissias Avenue of total amount of 20 billion GRD.

It was estimated, during the General Meeting, that at the current financial phase it is important not to affect the steady course of investment planning by weakening Company’s cash flows and for this reason it was decided to fully reserve profits of 2000 and as a consequence not to distribute dividends.

Also, due to the current financial state, was decided the discussion and the settlement in future extraordinary General Meeting of issues such as the definition of bond loan terms, as well as, the distribution of free shares by capitalization of reserve funds.

Eventually, during the General Meeting was estimated that the current value of Company’s share is much lower of the respective real value of the Company and even lower of its book value. For this reason, the Company decided that within the next year will exert its right for stock option purchase up to 10%, in price between 2-4,5 Euro.